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Can I buy a home with a fico score of 702

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Anonymous
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Can I buy a home with a fico score of 702

 
Message 1 of 4
3 REPLIES 3
namvet
Established Contributor

Re: Can I buy a home with a fico score of 702

Yes as long as you can qualify.  Your score is only a part of the qualification process. 

Message 2 of 4
Anonymous
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Re: Can I buy a home with a fico score of 702

it depends on a lot more than just your credit score.  702 is a good starting point.  You could qualify for 5% down loan.  There are many other factors

 

Debt to Income.  Backend would be 45% factored with current debt and house payment

 

Do you have any collections unpaid?

 

Best bet, contact a broker or mortgage company

Message 3 of 4
Anonymous
Not applicable

Re: Can I buy a home with a fico score of 702

You could absolutely buy a home with that credit score, but like the other mentioned it is about more than just your score that qualifies you for a loan.  You can speak with a mortgage broker or loan officer to discuss their particular qualifications, but generally you have to qualify based on your debt to income ratio, you must have enough to cover down payment and closing costs in the bank, and certain items cannot be on your credit (such as foreclosures/bankruptcies before a period of time has passed, utilities collection accounts, recent reposessions, etc.). 

 

 

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